(a)

(1) There is created in the state treasury a revolving loan fund to be known as the “wastewater facility revolving loan fund.”

(2) The authority shall administer the fund and shall adopt rules and regulations for such administration.

(3) All interest and earnings of the fund shall remain a part of the fund.

(4) No part of the fund shall revert to the general fund on any June 30, but shall remain a part of the fund available for expenditure in accordance with this part.

(5) The authority may charge and collect from local governments administrative fees and expenses, including, but not limited to, reimbursement of all cost of financing by the authority that the authority determines to be reasonable and required. These fees and expenses shall not become part of the fund.

(b)

(1) The authority shall deposit in the fund all receipts from the repayment of loans made pursuant to this part.

(2) The fund shall be established, maintained and credited with repayments, and the fund balance shall be available in perpetuity for providing such loans, pursuant to §§ 68-221-1001 — 68-221-1006.

(c) The department shall deposit in the fund federal funds allocated to the state pursuant to the Clean Water Act, compiled in 33 U.S.C. § 1251 et seq., which have been determined by the department to be for the purpose of making loans to local governments and for which state matching funds are available.

(d)

(1) The department shall recommend annually to the general assembly the appropriate state funds necessary for the receipt of all available matching federal funds.

(2) State money appropriated to the department or to the authority to carry out this part may be used, in addition to other purposes, to match federal funds allocated to the state pursuant to the Clean Water Act for the purpose of making loans to local governments.

(e) The department shall deposit into the fund any federal funds allocated to the state to make loans and to subsidize loans made under the program authorized by this part.